Installment Loans

You must have heard of the term ‘easy monthly installments’. But what exactly is an  installment loan or installment credit? 

What are Installment Loans?

‘Installment loan’ is a broad term that covers a majority of personal, commercial, vehicle, and other types of loans availed by borrowers. 
They are called so because they are repaid with regular scheduled payments, also referred to as installments. 

Eligibility Criteria for Personal Installment Loans

A personal installment loan is what is commonly called a personal loan. It is a type of installment loan taken for personal reasons. 

Personal loans are also unsecured loans, which means that you don’t need to pledge any assets against the amount you borrow.

Here’s the eligibility criteria for personal installment loans -

1. An individual should be either self-employed or salaried
2. The monthly income must be credited to the applicant’s bank account
3. Credit score must be above 600
4. The applicant’s age must be between 21 and 57 years 
5. Their minimum monthly income must be Rs.13,500 if they are salaried, and Rs.15,000 if they are self-employed

These criteria vary hugely from vendor to vendor. These specific sets of requirements are specific to moneyview personal installment loans.

Documents Required for Installment Credit

The following are a general list of documents that you may have to provide for a personal installment loan -

Identity Proof 
The PAN card, Aadhaar Card, Valid Indian Passport, Valid Voter ID, or a Valid Driver’s License can be submitted in this category.

Address Proof
As an address proof, you can submit your Aadhaar Card, Valid Indian Passport, Valid Voter ID, Valid Driver’s License, or any Utility Bills (Electricity, Water, Gas) dated within the last 60 days. 

Income Proof
As income proof, salaried applicants can submit the last 3 months’ bank statements of their salary account. Self-employed applicants can submit the last 3 months’ bank statements.

Conclusion

Installment loans are the loans which are repaid with regular monthly installments. Personal loans, vehicle loans, home loans, are all types of installment loans. If you want to apply for installment loans online, there are various apps that give loans within minutes. 

If you are searching for ‘installment loans for bad credit’ or have a low credit score, you can get an instant installment personal loan from moneyview. From the moneyview app, you can get personal loans even if your CIBIL score is as low as 650. 

You can download the app from the PlayStore or visit the website to get an installment loan with minimum documentation.